While the benefits of managed accounts for clients are well-documented, there are also numerous benefits that they bring to businesses, writes Xplore Wealth’s Anne Hamieh.
 
Financial advisers are under a significant amount of strain in this evolving industry as they face technological advancements such as robo-advice and challenging market conditions with low interest rates while endeavoring to deliver best in class service to their clients. Add to this the pressure mounting from Government, regulators and internal market forces to adapt and thrive.
 
This sustained pressure, which has increased following the Hayne Royal Commission and its 76-point recommendations, is fundamentally testing business models, remuneration, revenue sources and business valuations.
 
Every aspect of financial advice is under the microscope as the sector complies with increased educational and compliance requirements, under the banner of renewed regulatory and community expectations.
 
This focus is driving greater numbers of advisers to re-think their licensing and business model arrangements, re-calibrate their value-add to clients, and reinforce their role as the ‘trusted adviser’ in the lives of their clients.
 
At a structural level, the previous dominance of institutionally-owned, vertically-integrated advice models is unwinding. There is pressure on advice...
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